Robinhood Boosts Institutional Offerings with Bitstamp Acquisition
CryptoNewsTerminal Staff07 Jun, 2024
Robinhood Boosts Institutional Offerings with Bitstamp Acquisition
Wall Street investment bank Bernstein believes that Robinhood's acquisition of Bitstamp is a strategic move to expand its cryptocurrency offerings and differentiate itself from competitors like Coinbase and Kraken. While Robinhood offers around 15 cryptocurrencies to retail investors in the U.S. and 30 in Europe, Bitstamp offers a much larger selection of over 85 cryptocurrencies. The acquisition will allow Robinhood to offer more coins as well as new services to institutions, including staking and custody. Bernstein set a $30 price target for Robinhood, while investment bank JMP Securities said Robinhood will now have a deeper presence in the crypto ecosystem, but doesn't see a material improvement to earnings.
